Management indicated that site cancellations have largely been concluded and the huge data growth is likely to drive the need for high network investment. This would be seen in macro site requirements, as telcos will need to make the network dense, besides building other layers of the network like fiber sharing, small cells, IBS, WiFi hotspot and other managed services. But Bharti Infratel does not plan to build ahead of telcos requirements. Further, we understand that Bharti Infratels dominant position in the tower market is weakening as the future of its large clientele is uncertain, while the new entrant is going solo towards network deployment. Newer technologies like IBS, small cell are being done independently by operators, while Bharti Infratel is slow in the roll-out. Our current estimates build revenue/EBITDA/PAT decline of 0%/11%/10% in FY19, and a similar trend should follow in FY20.